(Reuters) - Chinese company 5USport has agreed to purchase a majority stake in English League One side Northampton Town, the club said in a statement.
5USport, a sports development and education firm, will purchase a stake in Northampton Town Ventures Limited, who own the majority shareholding in the club, following approval from the English Football League.
Northampton chairman Kelvin Thomas said the talks over the deal began about seven months ago.
“They do have the majority share. You could call it investment or you can call it a takeover. I wouldn’t necessarily understand the difference,” Thomas told BBC, who reported that 5USport agreed to purchase a 60 percent stake in the club.
”A takeover would tend to mean 5USport were coming in to take over, but they’re not.
“We’re working as partners and the structure of the club will stay the same, I‘m staying on as chairman and the directors are staying.”
Thomas replaced David Cardoza as chairman in November 2015.
Reporting by Hardik Vyas in Bengaluru; editing by Sudipto Ganguly